JP Morgan and Block/Cash App are making significant moves in the stablecoin space. JP Morgan is launching a U.S. dollar deposit token called ‘JPM Coin’ on the Base blockchain. This token represents a direct claim on bank deposits, allowing for faster settlements between institutional clients while retaining familiar risk characteristics. Early adopters include B2C2, Coinbase, and Mastercard. This shift marks a departure from JP Morgan’s previous reliance on controlled environments, embracing public networks for better liquidity and interoperability. On the consumer side, Cash App is set to support USDC transfers on Solana by early 2026, enabling users to send and receive funds using wallet addresses. This approach is designed to be chain and coin-agnostic, with plans for future expansions to other blockchains. The app will allow merchants to accept payments in Bitcoin without users needing to hold any themselves. Cash App’s integration of stablecoin payments normalizes the use of public blockchain infrastructure in mainstream finance, which is evident in the growing stablecoin market now exceeding $300 billion in circulation and doubling transaction volumes to $46 trillion. Both JP Morgan's and Cash App's initiatives reflect a broader trend toward utilizing public blockchains for digital dollar transactions. JP Morgan's transition from a permissioned blockchain to public networks highlights the industry's maturation in terms of speed, cost efficiency, and security for institutional settlements. Cash App’s adoption of stablecoin payments serves a similar purpose, indicating that public blockchains are becoming a standard for moving digital dollars, which could transform how financial transactions are conducted in the future.